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Rightmove: property asking prices hit new high in June

Simon Ward
by Lovemoney Staff Simon Ward on 18 June 2012  |  Comments 13 comments

Property website says high asking prices in London and the south of England driving up average price... for now.

Rightmove: property asking prices hit new high in June

Asking prices for homes in England and Wales have reached a new record high, according to property website rightmove’s June House Price Index.

However, inflation means this is actually 13% lower than August 2007’s house price peak, just prior to the run on Northern Rock.

Once again London is the only region to buck this trend, with prices 3% ahead of Retail Prices Index inflation since that high nearly five years ago.

Asking prices in Wales have fallen furthest over that period, down by 24% when adjusted for inflation.

Rightmove says the average asking price in England and Wales is now £246,235, up £2,476 or 1% on May. But this is almost entirely driven by London and the south of England.

Looking at the annual change, prices in London have leaped up by a huge 8.8%, but again this is the only area where prices are higher than inflation.

Region

Average asking price – June 2012

Annual change in average asking price

Greater London

£477,440

8.8%

South West

£270,380

2.9%

East Midlands

£167,660

1.7%

South East

£318,717

1.4%

Yorkshire and Humberside

£159,418

0.9%

North West

£166,543

0.5%

Wales

£167,875

-0.6%

North

£152,080

-1.2%

East Anglia

£227,555

-1.8%

West Midlands

£187,294

-2.8%

Rightmove says that with “a summer of sporting distraction” now underway, sellers need to price their properties realistically and promote their selling points better to have any hope of a quick sale.

There was an increase in new properties coming onto the market before the Diamond Jubilee holiday. However, rightmove believes asking prices have peaked for now, even in London and the south, with buyers likely to give house hunting a miss until September.

More on property

What's the 'right' price of your house?

Why house sellers are deluded

How to deal with property chain problems

The pros and cons of online estate agents

Five reasons you should never buy leasehold

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Comments (13)

  • jonnie2thumbs
    Love rating 90
    jonnie2thumbs said

    I have a small house that I converted from an animal shed, on 4 acres of prime Normandy countryside...

    It cost €18k to buy and the same to convert - that was 2 years ago - now I want to sell it I am putting it on the market for €1 billion

    of course, the rampant asking price inflation of the area within 10 metres of my kitchen may not be representative of the whole of France...

    Report on 18 June 2012  |  Love thisLove  3 loves
  • electricblue
    Love rating 643
    electricblue said

    Please stop wasting our time with these surveys of 'average' prices. There are some statistical areas where averages are virtually meaningless and national property prices are one of them. WE KNOW that property prices in London and the South East skew the figures for the rest of the country. Your editor keeps telling us that Lovemoney has some miraculous reader demographic encompassing levels of earning from almost destitute to millionaires, but please, let's be clear - most of us do not live anywhere near London and most of us do not give a damn about the Olympics. Unless we can have apples and apples comparisons of specific types of accommodation in different parts of the country, these property price charts and similar ones for rentals and related articles are utterly useless. I'd like to see some real comparisons of standards of living in different parts of the country with factors like costs of travel to work, time spent traveling to work and actual disposable income for representative family types.

    Report on 18 June 2012  |  Love thisLove  0 loves
  • The Bank Manager
    Love rating 72
    The Bank Manager said

    As long as the economy doesn't start to boil over again, after we've all joined this tidal wave of how wonderful the market is becoming.

    Don't we ever learn????

    Report on 18 June 2012  |  Love thisLove  0 loves
  • laplennerie
    Love rating 20
    laplennerie said

    Don't know where these asking prices are - certainly not in Hertfordshire where they are dropping - must be in never never land.

    Report on 18 June 2012  |  Love thisLove  0 loves
  • Meanmachine2
    Love rating 37
    Meanmachine2 said

    It's not just regional prices that some of these surveys skew. In my road one of these internet web sites that puts values on houses has a terraced bungalow down in a dip with no views valued higher than a detached house sitting in it's own elevated plot with panoramic views. I know that you cannot really put a price on a view but just taking the difference in property type alone if they can't get that right what chance do they have on a wider picture.

    Report on 18 June 2012  |  Love thisLove  0 loves
  • SevenPillars
    Love rating 70
    SevenPillars said

    Good luck to those raising their asking prices in finding a buyer. Other than in some parts of London you are going to need it.

    Report on 18 June 2012  |  Love thisLove  0 loves
  • Mike10613
    Love rating 599
    Mike10613 said

    The London set, enjoying Royal Ascot this week have money to burn and so we can expect them to try to perpetuate the property bubble. They expect he rest of us to subsidise their mortgages. They also want to send children in care to live up north and send their homeless up north too. I'm pleased to see the figures reflecting the realism of attitudes north of the Watford gap.

    Report on 19 June 2012  |  Love thisLove  1 love
  • Simon Ward
    Love rating 5
    Simon Ward said

    electricblue, your belief that we don't have a lot of readers in London and the south of England is utterly and completely wrong. Please stop trying to tell us that because you and a few of our other regular commentators live in the midlands or north and don't have to worry about debt you are representative of the whole lovemoney audience.

    You are not and our editorial agenda reflects this.

    Report on 19 June 2012  |  Love thisLove  1 love
  • yocoxy
    Love rating 132
    yocoxy said

    Hear hear Simon. I was just going to post that I don't need electricblue to comment for me and to claim that "most of us..."

    EB speaks for himself and only himself as we all do.

    Report on 19 June 2012  |  Love thisLove  1 love
  • yocoxy
    Love rating 132
    yocoxy said

    Oh.. And EB, you seem to want an article that implies that it's "grim in t' sarth" well, you may be interested in one of my earlier posts..

    ********************************

    It's interesting that The North gets so many votes as a wonderful place to live.. I'd say that "quality of life" is subjective but here's a survey that seems to contradict the idea that its best up north..

    http://www.guardian.co.uk/uk/2011/dec/24/north-hampshire-quality-life-survey

    Statistics that aren't subjective include the fact that in the north deaths from heart disease are significantly higher, alcohol related deaths are higher and overall life expectancy rates are highest in the south. Perhaps because obesity is highest in the North East and lowest in London.. And then there's the weather..

    So if you like your weather cooler and wetter or if you want to get fat, drink yourself to death or have a heart attack, it's off up the M1. If you want to live in any of the places ranked in the top 50 for quality of life in the survey I linked to above, head in the opposite direction.

    *************************

    Actually, I like visiting parts of the north, I'm sure there are good and bad places everywhere and I find the whole "it's better here" discussion a bit redundant but I hope there's no harm in creating a bit of discussion ;-)

    Report on 19 June 2012  |  Love thisLove  1 love
  • oldhenry
    Love rating 265
    oldhenry said

    Asking prices. What about actual selling prices? That is the real test of a sale and whether prices are rising. From where I am sitting - in the Midlands and the middle of it too- prices are falling. A house nearby which sold for £522,250 in 2007 has changed hands for £492,200- a bargain for someone, but probably the stamp duty 'tax' swayed the price below £500K. But other houses in my vicinity seems, to me, to be being offerred at reasonbale prices, that is, at least £100K below what I would expect. The expensive ones above £1m are stcking somewhat.

    Report on 19 June 2012  |  Love thisLove  0 loves
  • eLJay
    Love rating 76
    eLJay said

    oldhenry - my house cost 85k, can I come and use your swimming pool ;-)

    The prices in the South West went up 2.9%, just a pity the wages didn't move in a similar manner for many people.

    Agreed I would be very skeptical over these figures as Estate Agents have been keeping asking prices artificially high, promising sellers the earth on signing up and then tell them they had to drop the price when the offers came in.

    Report on 25 June 2012  |  Love thisLove  0 loves
  • nickpike
    Love rating 270
    nickpike said

    Latest SELLING prices show that actual selling prices are dropping. With half percent interest rates, that is amazing. I'm now seeing 4 bed detached modern houses priced at 140k up't North. It's starting to happen.

    Report on 29 June 2012  |  Love thisLove  0 loves

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